Global Gift Card and Incentive Card Market Databook, 2024: Digitalization and Government Programs Driving the Market to Reach $717 Billion by 2028
Global Gift Card and Incentive Card Market
Dublin, April 18, 2024 (GLOBE NEWSWIRE) -- The "Global Gift Card and Incentive Card Market Intelligence and Future Growth Dynamics (Databook) - Q1 2024 Update" report has been added to ResearchAndMarkets.com's offering.
The global gift card industry is expected to grow by 7.9% on an annual basis to reach US$555.8 billion in 2024. The industry will continue to grow over the forecast period and is expected to record a CAGR of 6.6% during 2024-2028. The market will increase from US$515 billion in 2023 to reach US$716.9 billion by 2028.
The gift card poised for strong growth over the medium term in the global market. Digital gift cards are projected to lead the sector growth amid rising digitalization and uptake of digital payments. The global market will receive growth support from government disbursement programs. In 2023, several local and regional government authorities launched gift card programs to support local businesses and underserved communities. The trend is projected to continue further in the global market in 2024.
Gift card platforms are launching new features to elevate customer experience. The trend of strategic partnerships to launch new gift card products is also projected to gain momentum in 2024. Gift card businesses are also expected to seek acquisition opportunities in global and regional markets to expand presence as part of their strategy to drive revenue growth over the medium term. Overall, the publisher maintains a strong growth outlook for the global gift card market over the next three to four years.
Government disbursement programs are aiding the growth of the global gift card market
Globally, several local governments have announced gift card disbursement programs. These programs aim to revive economic growth and support local businesses. Miconex, the Scotland-based fintech firm, reported that the local gift card programs are driving spending in high streets and downtown areas across several markets including the United Kingdom. In 2023, sales from Miconex's local gift card programs in the United Kingdom, Ireland, Canada, and the United States reached £12.4 million. In 2024, the trend of supporting local businesses seems to be growing even stronger, with a 69% increase in local gift card sales compared to the previous year.
The number of locations offering local gift card programs with Miconex's support surpassed 200 in 2023, marking a significant growth compared to the year before. Additionally, 26 new towns, cities, and downtown areas joined the trend by launching their own local gift card programs. These initiatives are not only meeting the regional demand for gift cards but also providing a way for communities to encourage spending at independent and national brick-and-mortar stores across various sectors.
Notably, the Aberdeen Gift Card and the ShopLK Gift Card were among the most successful local gift card programs in the United Kingdom and Ireland, respectively. In Canada, Selkirk Chamber's program gained strong popularity, whereas in the United States, York Chamber's program took the top place. According to Miconex's report, 33% of consumers end up spending between 100% to 125% more than the actual value of the gift card when they use it to make purchases in the United Kingdom.
This means that gift cards often encourage people to spend more than they initially planned, especially in the UK where a significant portion of users tends to exceed the card's value by a substantial margin. The retail sector emerged as the most popular category for redeeming local gift cards in the United Kingdom. Among the top national retailers where these cards were used were Primark, M&S, Boots, Argos, TK Maxx, Next, Sainsbury's, John Lewis, Dunnes Stores, and Aldi. Additionally, new national retailers such as Co-op, Smyths Toys, and Lidl also jumped on board, participating in the local gift card programs, which contributed to supporting the local economy.
Gift platforms are launching new and innovative features to elevate customer experience
With the rising competition in the fast-growing gift card market, firms are innovating with their platforms to elevate customer experience. The launch of new features is part of the firm's strategy to accelerate revenue growth.
Givex, one of the leading global gift card providers, launched Digital Ecommerce Module in October 2023. The feature aims to improve customer experience by allowing them to customize gift cards. Consumers can add video and animate their e-gift card deliveries with a personal touch. The digital gift cards are also compatible with wallets such as Apple Pay and Google Pay, making transactions more convenient.
Tbay, the Singapore-based global gift card platform, announced the launch of Quick Sell Mode in December 2023. The new feature has been designed to make card transactions faster. The firm seeks to reduce the gift card transaction time by at least 20% with the introduction of Quick Sell Mode. In the recent past, the firm has introduced a series of measures that have been specifically designed to make gift card transactions safer.
In 2024, the analyst expects the online gift card marketplace to further launch such innovative features aimed at improving customer experience and confidence. This will subsequently support the adoption of the payment tool while driving the broader industry growth over the next three to four years.
The global gift card industry has recorded steady growth amid the rising investment from leading players such as Blackhawk Network and InComm Payments in the sector. This coupled with the rise of innovative fintech firms has also supported the growth of the gift card sector around the world. With the demand for gift cards expected to further rise among consumers and corporates, the publisher expects these players to further boost their investment in the segment and also forge strategic alliances to drive their growth.
This bundled report provides a detailed data centric analysis of gift card market, covering market opportunities and risks across a range of retail categories. With over 75 KPIs at country level, this report provides a comprehensive understanding of gift card market dynamics, market size and forecast.
This title is a bundled offering, comprising 1 global, 5 regional and 20 country reports:
Global Report - Global Gift Card and Incentive Card Market Intelligence (Databook)
Regional Report 1 - North America Gift Card and Incentive Card Market Intelligence (Databook)
Regional Report 2 - Europe Gift Card and Incentive Card Market Intelligence (Databook)
Regional Report 3 - Latin America Gift Card and Incentive Card Market Intelligence (Databook)
Regional Report 4 - Middle East & Africa Gift Card and Incentive Card Market Intelligence (Databook)
Regional Report 5 - Asia Pacific Gift Card and Incentive Card Market Intelligence (Databook)
Country Report 1 - Argentina Gift Card and Incentive Card Market Intelligence (Databook)
Country Report 2 - Australia Gift Card and Incentive Card Market Intelligence (Databook)
Country Report 3 - Brazil Gift Card and Incentive Card Market Intelligence (Databook)
Country Report 4 - Canada Gift Card and Incentive Card Market Intelligence (Databook)
Country Report 5 - China Gift Card and Incentive Card Market Intelligence (Databook)
Country Report 6 - France Gift Card and Incentive Card Market Intelligence (Databook)
Country Report 7 - Germany Gift Card and Incentive Card Market Intelligence (Databook)
Country Report 8 - India Gift Card and Incentive Card Market Intelligence (Databook)
Country Report 9 - Indonesia Gift Card and Incentive Card Market Intelligence (Databook)
Country Report 10 - Italy Gift Card and Incentive Card Market Intelligence (Databook)
Country Report 11 - Kenya Gift Card and Incentive Card Market Intelligence (Databook)
Country Report 12 - Mexico Gift Card and Incentive Card Market Intelligence (Databook)
Country Report 13 - Nigeria Gift Card and Incentive Card Market Intelligence (Databook)
Country Report 14 - Philippines Gift Card and Incentive Card Market Intelligence (Databook)
Country Report 15 - Russia Gift Card and Incentive Card Market Intelligence (Databook)
Country Report 16 - South Africa Gift Card and Incentive Card Market Intelligence (Databook)
Country Report 17 - Thailand Gift Card and Incentive Card Market Intelligence (Databook)
Country Report 18 - United Arab Emirates Gift Card and Incentive Card Market Intelligence (Databook)
Country Report 19 - United Kingdom Gift Card and Incentive Card Market Intelligence (Databook)
Country Report 20 - United States Gift Card and Incentive Card Market Intelligence (Databook)
Scope
Total Spend on Gifts
By Consumer Segment (Retail and Corporate)
By Product Categories (13 Segments)
By Retail Sectors (7 Segments)
Gift Card Market Size by KPIs across Consumer Segments
Gross Load Value
Transaction Value
Unused Value
Average Value Per Transaction
Transaction Volume
Average Value of Card Purchased
Number of Cards
Gift Card Market Size by Consumer Segment
Retail Consumer
Corporate Consumer (Small Scale, Mid-Tier, Large Enterprise)
Digital Gift Card Market Size
By Retail Consumer
By Retail Purchase Occasion
By Corporate Consumer
By Corporate Purchase Occasion
By Company Size
Gift Card Market Size by Retail Consumer
By Functional Attribute
By Occasion
Festivals & Special Celebration Days
Milestone Celebration
Self-Use
Other
Value by Purchase Channel
Gift Card Spend by Consumer Behavior and Demographics
Consumer Purchase Behaviour
Gift Card Buyer by Age Group
Gift Card Buyer by Income Level
Gift Card Buyer by Gender
Gift Card Market Size by Corporate Consumer
By Functional Attribute
By Occasion
Employee Incentive
Sales Incentive
Consumer Incentive
By Scale of Business
Gift Spend by Product Categories (Split by Retail and Corporate Consumers)
Food & Beverage
Health, Wellness & Beauty
Apparel, Footwear & Accessories
Books & Media Products
Consumer Electronics
Restaurants & Bars
Toys, Kids, and Babies
Jewelry
Sporting Goods
Home & Kitchen Accessories & Appliances
Travel
Entertainment & Gaming
Other
Gift Card Spend by Retail Sector (Split by Retail and Corporate Consumers)
Ecommerce & Department Stores
Restaurants & Bars
Supermarket, Hypermarket, Convenience Store
Entertainment & Gaming
Specialty Stores
Health & Wellness
Travel
Gift Card Spend by Distribution Channel (Split by Retail and Corporate Consumers)
Gift Card Online Sales
Gift Card Offline Sales
1st Party Sales
3rd Party Sales
Sales Uplift
Gift Card Sales Estimates by Key Retailers
Reasons to Buy
In-depth understanding of gift card and incentive card market dynamics: Understand market opportunity, key trends and drivers along with five-year forecast (2019-2028) for gift cards and incentive cards.
Develop market specific strategies: Identify growth segments and target specific opportunities across consumer segments and occasions to formulate your gift cards strategy; assess market specific key trends and risks.
Get insights into consumer attitude and behaviour: Understand changing consumer attitude and behaviour and boost ROI. Get detailed insights into retail spend through gift cards for both retail and corporate consumers.
Get complete perspective through six essential KPIs: number of cards in circulation, load value, unused value, average purchase value, average value per transaction, and value of transactions.
Distribution channel insights: Understand gift cards sales dynamics by channels - online vs offline and by 1st party vs 3rd party sales.
Key Attributes
Report Attribute | Details |
No. of Pages | 5628 |
Forecast Period | 2024-2028 |
Estimated Market Value (USD) in 2024 | $555.8 Billion |
Forecasted Market Value (USD) by 2028 | $716.9 Billion |
Compound Annual Growth Rate | 6.6% |
Regions Covered | Global |
Companies Featured
5M
7-Eleven
99 Speedmart
A101
AB
Abdullah AlOthaim Supermarket
Action
Aeon
Aeon Big
Al Nahdi
Al Raya
Albert Heijn
Al-Dawaa pharmacies
Aldi
Alfa Midi
Alfamart
Alibaba (China inc. all brands)
Alkosto
Amazon
Amazon (Cloudtail + Appario)
Apotek 1
Apple
Ara
Arcelik
Argos
ASDA
Auchan
Belle (All brands)
Biedronka
Big basket
Big C Extra
Big C Supercenter
Big W
BigBazaar
Billa
BIM
Boxer
Bunnings
Bunnpris
Carrefour
Carrefour Hypermarket
Carrefour Market
Carulla supermarkets
Centra
Central
Changomas
Checkers - All Brands
Choithrams
CJ Mall
Clicks
Cohen Sales Warehouses Ltd
Coles
Colruyt
Conad
Consum
Cool Blue
Coop Extra
Coop Obs!
Coop Supermarket
Coop Supermarkets
Cora
Coto Supermercado
Countdown Supermarkets
Courts
CRAI
Croma
Cruz Verde
CU
Dagli`Brugsen & Lokalbrugsen
Daiei
Danube
Delhaize
Denner
DIA
DIA Market
Digitec Galaxus
Dino
Dirk
Dis-Chem Pharmacy
Disco
dm
D-Mart
Dubai Duty Free
Dunnes Stores
E.Leclerc
Easy Cencosud
Edeka
El Corte Ingles
Elgiganten
Elkjop
emart
Erafone
Eroski
Esselunga
Euronics
Eurospin
Exito hypermarkets
FairPrice
FairPrice Finest
FairPrice Shop
FairPrice Xtra
Fakta
Falabella
Famila
Farmers Trading Company Ltd
Fathalla
Fotex
Four Square
Galaxias
Giant
Global house
Gourmet Market
Gruppo SUN - All Brands
Guardian
Harvey Norman
Hemkop
Hero
Himart
Hofer
Homeplus Hypermarket
HomePro
Hypermart
HyperPanda
ICA Kvantum
ICA Supermarket
IGA
Ikea
Indomaret
Intermarche
Intermarche Super
Ipercoop
Japan Consumers Cooperative Union
Japan Consumers Cooperative Union - Hypermarket
Jarir
JB Hi-Fi
JD.Com
Jumbo
Jumbo Cencosud
Jysk Nordic
Kaufland
kazyon
K-Citymarket
Kheir Zaman
Kiwi
K-Market
Kmart
Kotsovolos
K-Rauta
Kruidvat
K-Supermarket
K-Tronix
Kvickly
La Anonima
Landi
Lawson - Other (Franchises)
LC Waikiki
Leroy Merlin
Lider Express
Lider Hiper
Lidl
Life
Lotte Department Store
Lotte Mart
Lulu
Manor
Marks & Spencer
Masoutis
Matahari Department Store
Max
Maxi ICA Stormarknad
Maxvalu
Media Expert
Media Markt
Mega Ba'ir
Meny
Merav - Mazon Kol
MercadoLibre
Mercadona
Mercury Drug
MerkurMarkt
Metro Market
Migros
Mitre 10
MM
MMM
Morrisons
MPREIS
Mr. D.I.Y.
MRP
My Market
Netto
Netto Marken
New City Commercial Corporation Mall
New World
NewCore Outlet
Okay
Olimpica
Olive Young
Omar Effendi
Onninen
PAK`nSAVE
Panda
Paris Cencosud
Penny
Pep
Pepco
Pick n Pay
Plus
Primark
Prisma
Puregold Price Club
qoo10
RadioShack
Ragab Sons
Rami Levy
Reliance Digital
Reliance Digital Express Mini/Jio
Reliance Fresh
Rema 1000
REWE
Ripley
Robinsons Supermarket
RT Mart
RTV Euro AGD
Rustan's Supermarket
Sainsbury's
Samsung
Santa Isabel Cencosud
Savemore
Seiyu (Hypermarket)
Sharaf DG
Sheng Siong
Shoprite
Shufersal Deal
Siam Makro
Sklavenitis
SM Hypermarket
SM Supermarket
S-market
Sodimac
Sodimac Homecenter
Sok
Souq
Spar
Spinneys
Sport 2000
Stokrotka
Stora Coop
Super Brugsen
Super Indo
Super U
Superbodega Acuenta
Super-Pharm
Supervalu
Systembolaget
Tanishq
Target
Tesco
Tesco Extra
Tesco Hypermarket
Tesco Superstore
The SM Store
The Warehouse
Tiv Taam
Tokmanni
Tops market
Transmart Carrefour
Unimarc
Unimart
Vea
Verkkokauppa
Victory
Vip.com
Volg
Waitrose & Partners
Watsons
Willys
Woolworths Supermarkets
Woolworths Food
Wumart Superstore
Yesh
Yeynot Bitan
Yodobashi
Yonghui Superstores Group
Zara
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